Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
25 Feb 2008
Case Brief
On January 30, 2008, the Reserve Bank of India cancelled the Certificate of Registration of Shree Parusram Ji Hire Purchase Company Limited, whose registered office was at Soron Gate, Kasganj, District Etah (U.P.). The action was taken under Section 45-IA(6) of the RBI Act, 1934, in relation to the company’s carrying on of non-banking financial institution business. Following the cancellation, the company is not permitted to transact NBFC business.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration granted to Shree Parusram Ji Hire Purchase Company Limited under Section 45-IA(6) of the RBI Act, 1934. The cancellation was for carrying on the business of a non-banking financial institution; the release does not specify any additional factual violations beyond the statutory basis for cancellation.
Operating Impact
Shree Parusram Ji Hire Purchase Company Limited loses its RBI registration and cannot continue operating as a non-banking financial institution. The restriction is immediate from the cancellation date and affects the company’s ability to conduct NBFC business going forward.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- clause (a) of Section 45-I of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 30 Jan 2008
- Effective From
- 30 Jan 2008
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC